How to open a bank account in the Philippines: The Easy Way 2024

If you’re planning a move to the Philippines you’ll probably be wondering about the best ways to go about opening a bank account to hold, spend and exchange PHP payments.

Opening a bank account with a traditional provider in the Philippines probably means visiting in person – or at least providing a Philippine proof of address for verification purposes. That means it’s tricky to get started before you arrive. But if hitting the ground running is important to you, there are ways to get ahead of the game and open a PHP account before you travel, through online specialist services like Wise. We’ll take a look at some of them – and how to get started – in just a moment.

Key points: Online bank account opening

• Canadians can open bank accounts in the Philippines through the country’s major banks, but most will require a valid visa and proof of a local address.

• Some banks may offer online account opening, but this often still requires a Philippine address for verification purposes.

• Wise offers a multi-currency account that allows Canadians to hold, send, and exchange PHP without needing a local address, and you can set it up before leaving Canada.

• Traditional banks in the Philippines may require a minimum opening balance, and ongoing fees can apply if the account falls below a set balance.

• For a more flexible, lower-cost option, consider Wise, which offers transparent fees, real exchange rates, and a linked international debit card.

  Go to Wise

Can a Canadian open a bank account in the Philippines?

Yes, a Canadian can open a bank account in the Philippines, but there are a few hoops to jump through, and the type of account you can open will largely depend on your status as a foreigner. Most banks will require you to have a valid visa, whether it’s for work, residency, or studying, along with your passport.

You’ll usually need to have been living in the country for more than 180 days to classify as a resident alien and you’ll also need to show proof of a local address.

Each bank has its own set of requirements, including A Taxpayer Identification Number (TIN) so it’s worth checking ahead to make sure you’ve got all your paperwork in order before you start the process.

What documents do I need?

To open a bank account with a bank you’ll usually need to provide:

• Your own ID document – for foreigners, this is usually a passport

• Your local address in the Philippines – proof of address may be required

The actual process for opening an account does vary between providers, so you’ll want to check with a few to see which offers the best service for your needs. If you’re eligible for online opening you may be able to get set up through a video call which can be more convenient than visiting a branch in person – but you’ll still need to have a physical address in the Philippines for correspondence and verification.

Save the paperwork with alternative solutions like Wise

One alternative to opening a bank account with a local bank in the Philippines is to use an online and digital provider like Wise.

You can create a Wise account online or in an app, before you head to the Philippines, using your Canadian ID and address.

Open a Wise account, which offers international debit cards, multi-currency accounts, and you’ll even be able to hold and exchange PHP easily, all with the real mid-market exchange rate.

Providers like Wise are a good option as you can get started without needing to leave home, with the opportunity to open a free account with no minimum balance and no ongoing obligations. Just use your account as you need to, with low fees for the services you actually require. Easy.

How to open a bank account in the Philippines as a foreigner

As a foreigner, there are often a few additional requirements compared to locals when opening a bank account in the Philippines.

Besides your passport, you'll likely need to provide a valid visa, such as a work or residency visa, Overseas Filipino Worker ID’s or e-cards, an Alien Certificate of Registration or Immigrant Certificate of Registration and proof of a local address.

Depending on the bank, a Taxpayer Identification Number (TIN) may also be required so make sure to check with the specific bank, as requirements can vary.

Some banks in the Philippines offer online account opening you can manage through a video call. That still means you’ll need to make an appointment to talk to a staff member online – but it can be a whole lot more convenient than having to physically head out to a branch.

Whether you’re able to open your account online or need to visit a branch in person, the steps are similar:

1. Choose the perfect account for your needs

2. Get all your documentation ready

3. Apply online, by video call, or in person

4. Submit your documents online or in a branch

5. Once your account is verified you’ll be able to start transacting

If you’re opening an account in a branch you might be able to get your debit card and all the account details on the same day. Online opening processes may mean you have to wait a few days for your card to be mailed to you.

What do I need to know before opening a bank account in the Philippines?

To open a bank account in the Philippines, you’ll need your passport, a valid visa, and proof of a local address. Some banks require you to be there in person, while others might allow you to open an account online via a video call, though you'll still need a Philippine address.

You may also be asked for a Taxpayer Identification Number (TIN) depending on the bank, and be prepared for minimum balance requirements and potential fees, which vary between banks.

Can I open a bank account in the Philippines only with my passport

As a foreigner, while you most definitely will need to provide some form of photo ID, most usually a passport, it’s unlikely you’ll be able to open a bank account in the Philippines with just your passport alone.

Most banks will also require a valid visa and proof of a local address for verification. Some banks may ask for additional documents like a Taxpayer Identification Number (TIN) or proof of income, depending on the type of account you’re opening.

Which account is best in the Philippines for foreigners? 

*Metrobank account profiled is the regular checking account - alternative account options are also available

**BDO account profiled is the peso checking account – alternative account options are also available

Wise

Wise multi-currency accounts can hold and exchange 40+ currencies including PHP and CAD, with a linked debit card for easy spending.

You’ll also be able to send payments to 160+ countries, and get local bank details for up to 10 foreign currencies to get paid fee free from 30+ countries.

Wise currency exchange always uses the real mid-market exchange rate and low, transparent fees whenever you switch currencies in your account, or spend in 150+ countries with your linked Wise international debit card.

Account types: Depending on where you are in the world, you’ll be able to open personal and business accounts with no minimum balance or monthly fees. To learn more, check out our Wise fees guide.

Eligibility: Wise accounts are available to customers in a broad range of countries – although the exact account services available may vary based on your location. Simply use your home proof of address to get your account open and access a PHP balance.

Is Wise safe? Wise is registered with a broad range of global regulatory bodies, including FINTRAC in Canada, FinCEN in the US, the FCA in the UK and more.

How to open an account with Wise

Opening a Wise account is quick and can be done entirely online or via the Wise app. Simply provide your personal information and upload your ID and proof of address. Once your documents are verified, you can start using your account without any minimum balance requirements.

Metrobank

Metrobank offers a range of accounts, including savings accounts and the AccountOne and Regular Checking Account, which can be opened by foreigners with a valid passport or an Alien Certificate of Registration (ACR).

MetroBank also provides a foreign currency savings account in multiple currencies, including CAD, allowing you to store and grow your CAD savings safely.

You’ll need to visit a Metrobank branch in person to complete the process, and bring your initial deposit of PHP 10,000 along with your ID, which can include your passport or Alien Certificate of Registration or Immigrant Certificate of Registration. There’s also a minimum balance for both checking account options to avoid any fall-below fees.

Account types: Open various personal and business accounts, including the Regular Checking Account for everyday banking needs

Eligibility: Foreigners can open an account by visiting a Metrobank branch with a passport or ACR and meeting the minimum deposit requirements

Is it safe? Yes, Metrobank is one of the largest and most trusted banks in the Philippines

How to open an account with Metrobank

To open an account, visit a branch in person with your passport or ACR and pay an initial deposit, depending on the account.

Learn more: MetroBank account application

UnionBank

UnionBank offers PHP accounts along with US dollar denominated account options, but unfortunately no CAD options. You’ll need to be legally resident in the Philippines to apply, but once your account is up and running it can be used easily online and in the UnionBank app.

There are a few fees you’ll need to know about when operating this account, which may not be the same as the charges you’re used to in Canada. Account dormancy fees may apply, as an example, if you don’t transact regularly for just a couple of months.

There’s a 5-15 USD or equivalent fee for international payments and a 20 USD fee for international payments sent from PHP to USD. Read through the terms and conditions carefully before you sign up.

Account types: UnionBank offers different savings and checking accounts

Eligibility: Available to customers who are legally resident in the Philippines

Is it safe? Yes – UnionBank is regulated and uses industry standard approaches to ensure customers and their money are protected

How to open an account with UnionBank

You can apply for a UnionBank account by visiting a branch or completing the process online via the UnionBank app. There is no required amount to open an account but accounts are currently limited to Filipino citizens.

BDO Unibank

BDO Unibank has a range of checking and savings accounts which can be opened in PHP and CAD as long as you are a Filipino Citizen. Some accounts can be opened online through a Zoom call with the bank’s services staff – and you may even be able to schedule a meeting online with a staff member who speaks a range of languages if you need translation support.

You’ll be able to sign up for online and digital account management tools, plus a linked debit card to make it easier to spend and make withdrawals from your account.

Account types: Broad range of PHP savings and checking accounts, including a foreign currency savings account in CAD; some accounts can be opened online through video calling the bank’s service team

Eligibility: Most accounts are available to customers who are legally resident in the Philippines

Is it safe? Yes – BDO is a major bank and trustworthy provider

How to open an account with BDO Unibank

You can open an account with BDO either by visiting a branch or online via a Zoom call with their service staff. Foreigners need to provide a passport alongside additional documents for verification.

What is a bank account in the Philippines needed for?

If you’re moving to the Philippines, a local bank account will make everyday life much easier. You’ll need a bank account to get paid if you’re working locally, pay rent, and arrange utilities like electricity and water bills. Having an account in the Philippines also allows you to:

• Easily receive salary payments and other transfers

• Access financial services like credit cards, loans, and online banking

• Spend conveniently with a local bank card in the Philippines

• Hold PHP and other foreign currencies to make transacting internationally cheaper and simple

Benefits of opening a bank account in the Philippines

Opening a bank account in the Philippines is essential for making your day-to-day financial management easier, especially if you plan to live or work there. Having a local account simplifies your transactions and helps you avoid the hassle and cost of constantly converting currencies.

• Avoid foreign transaction fees when paying for goods and services locally

• Receive salary payments directly into your account if you’re working in the Philippines

• Set up automatic payments for rent, utilities, and other bills to stay on top of your expenses

• Use a local debit card to spend easily in stores and online, without currency conversion charges

• Access local banking services, such as loans, credit cards, and online banking

Related: Best ways to receive payments from abroad

Can I open a bank account online?

While most banks in the Philippines still require you to visit a branch in person, there are now a few options for opening an account online. For example, BDO Unibank allows online account opening via a Zoom call, but you'll still need a local address for verification.

For more flexibility, you can opt for online multi-currency accounts from providers like Wise. You can open a Wise account from Canada and use it to hold and exchange PHP alongside other currencies, all from your phone or computer. This option is perfect if you want to manage your money before arriving in the Philippines or if you prefer a fully online banking experience.

How long does it take to open a bank account in the Philippines?

As long as you have all the required documents, the actual process of opening a bank account in the Philippines should be relatively quick, and opening a bank account online or via their app should take anywhere from a few business days to just a few minutes.

If you are opening a bank account in person, you should be ok to get your account documents and card on the same day with immediate access to your account details and debit card as long as verification is complete.

What are the types of bank accounts in the Philippines

You’ll find a variety of bank accounts on offer in the Philippines banks to meet different financial needs. These typically include:

• Current accounts: Also known as checking accounts, these are used for everyday transactions, bill payments, and accessing funds via checks or debit cards

• Savings accounts: Designed for personal savings, they’ll keep your money safe and usually come with interest for long-term savings

• Time deposit accounts: Where your money is locked in for a fixed period in exchange for higher interest rates.

• Foreign currency accounts: For holding funds in currencies other than PHP, such as CAD or USD and making international transactions or saving foreign currencies.

Related: How to open an international bank account

What are the costs?

Different banking systems have their own sets of fees, so it’s natural to expect costs for your account in the Philippines which are a bit different to the charges you’re used to in Canada.

Normally there’s no fee for opening your account, but it is common to need a minimum opening balance, plus an ongoing minimum balance which you have to retain in the account to avoid fees.

Also you’ll find a range of other costs including:

• Account dormancy fees

• Statement fees

• Checking fees

• Withdrawal fees for ATM use

• International payment fees

• Charges for receiving funds into the account

It’s worth investing the time to read the account fee schedule carefully before you get started, to make sure you don’t run into any unexpected charges when you transact.

How much does it cost to open a bank account in the Philippines? 

Opening a basic bank account in the Philippines is usually free of charge, especially with online providers like Wise, where there are no opening fees or minimum balance requirements. However, when it comes to banks, the costs can vary depending on the bank and the type of account that you want to open.

Most banks will ask for an initial deposit, that can range anywhere up to PHP 25,000, to open the account. For example, the Philippine National Bank requires a minimum deposit of PHP 3,000 for a basic debit savings account while Metrobank charges a PHP 25,000 initial deposit to open their AccountOne checking account.

Premium accounts that offer additional services like overdraft facilities, credit cards, or foreign currency options may come with higher fees. You’ll also need to watch out for fall-below fees if your balance drops under a certain threshold, as well as ongoing maintenance charges. That’s why it’s always a good idea to read the account fee schedule carefully to avoid unexpected costs.

Is it possible to open a fee-free account in the Philippines?

Many banks in the Philippines offer accounts with no monthly charges or maintenance fees like Union Bank and BDO UniBank. However, for many accounts, you'll need to maintain a minimum balance to avoid fall-below fees. Even with fee-free accounts, there may still be transaction fees depending on how you use your account, so it’s important to read the terms and conditions carefully.

What are the additional costs?

Opening your account with a bank in the Philippines usually requires an opening deposit that can range anywhere from PHP 3,000 to PHP 25,000. Other common costs that you are likely to come across include:

• International payment fees for sending or receiving money internationally. These typically vary based on the destination and the chosen method of transfer

• Foreign transaction fees when you spend with a card overseas

• Withdrawal fees when taking out cash from an ATM at home and abroad

• Overdraft charges and interest if you’ve overdrawn your account. These fees are usually higher if your overdraft hasn’t been arranged in advance

• Monthly or annual maintenance fees

• Account closing fees if you decide to close your account within a certain time after opening it

• Charges for receiving funds into your account, especially for international payments

• Dormancy fees if your account remains inactive for a set period

• Fees if a payment is refused or returned due to a lack of funds

Tips for transferring money between Canada and the Philippines

Living overseas comes with some extra costs, including high fees for sending international payments. However, sending money overseas is usually a fact of life for an expat, so it’s important to be aware of some of the ways your fees may mount up when you use a traditional bank:

• International payment fees can be higher when sending a payment by phone or in a branch

• Expect charges for both sending and receiving payments

• Bank exchange rates usually include a markup which is an extra fee hidden in the rate applied

• Third party costs may be deducted from the payment as it is processed, unless you opt to cover all additional charges when you initiate the transfer

Conclusion: Open a bank account online in the Philippines

Being able to transact in pesos easily and with low fees is essential if you’re moving to the Philippines. However, opening a bank account overseas can be tricky if you don’t already have a local address. That means it’s often easier for expats to open an account with an online specialist instead, to get access to a PHP balance even before they leave Canada.

Check out providers like Wise for multi-currency account options you can open online or in-app, using your Canadian proof of address, to get flexible account services and a linked international debit card.

Open a bank account in the Philippines online FAQs 

Can a foreigner open an account in the Philippines?

Yes. If you have a local address in the Philippines you’ll find it easy to open a traditional bank account. If you don’t have a local proof of address you may decide to use an online multi-currency account instead.

How much do I need to open a bank account in the Philippines?

Many banks ask for a minimum opening deposit amount, with an ongoing minimum balance amount to avoid fall below fees. Check the details before you get started, to make sure you don’t run into surprise fees.

Can I open a bank account in the Philippines online?

Some banks do offer online and video account opening options – but you’ll still need a local address in the Philippines which means this is not usually an option for non-residents.

Related: How to open a bank account abroad from Canada

How to apply for a bank account online in the Philippines?

If you’re a legal resident of the Philippines and have proof of address and ID documents you may be able to apply for a bank account with a provider that offers online account opening, like BDO Unibank. However, your options may be limited if you’re not already a resident in the Philippines. In this case, an online provider like Wise could be a better choice for a flexible account you can use to transact in PHP as well as CAD.

Can I open a bank account in the Philippines before landing?

To get access to a PHP balance before you even arrive in the Philippines, check out an online provider like Wise which has PHP among 40+ currencies supported in its low cost multi-currency account.